- The stock price of CymaBay Therapeutics (CBAY) increased by 15.89% in the most recent trading session. This is why.
The stock price of CymaBay Therapeutics (CBAY) increased by 15.89% in the most recent trading session.
Why: CymaBay Therapeutics announced the pricing of its previously announced underwritten public offering of common stock and pre-funded warrants. CymaBay is selling 10 million shares of common stock and pre-funded warrants to purchase 2,142,857 shares of common stock in the offering.
The shares of common stock are being sold at a public offering price of $7 per share, and the pre-funded warrants are being sold at a public offering price of $6.9999 per underlying share.
Proceeds: The gross offering proceeds to CymaBay from this offering are expected to be approximately $85 million, before deducting the underwriting discount and other estimated offering expenses, and excluding the exercise of any pre-funded warrants. And all shares of common stock and pre-funded warrants to be sold in the offering are being offered by CymaBay.
CymaBay granted the underwriters a 30-day option to purchase up to an additional 1,821,428 shares of its common stock at the public offering price per share less underwriting discounts and commissions. And CymaBay anticipates using the net proceeds from the offering to fund the ongoing development of seladelpar, including clinical trials targeting market expansion, and for working capital and general corporate purposes.
This offering is expected to close on January 26, 2023, subject to the satisfaction of customary closing conditions.